Seven-Building CT Industrial Portfolio Acquired

ROCKY HILL, CT—An entity of Boston-based Albany Road Real Estate Partners has added two Central Connecticut industrial business parks to its portfolio.

Albany Road purchased the Inwood and WinBrook business parks in Rocky Hill, CT from Winstanley Enterprises of Concord, MA. Winstanley purchased Inwood in 2003 and developed WinBrook in 2008. The two industrial real estate assets total seven buildings and 330,000 square feet of space. They were sold for just over $35 million.

The Hartford CBRE/NE capital markets team of Patrick Mulready and John McCormick represented the seller and procured the buyer in the transaction. Product specialists Bill Bronson and David Barnes assisted.

Inwood Business Park is a multi-tenant, flex industrial park constructed in the late 1980s. The park's four buildings are currently 100% leased. Major tenants at the property include Henkel, HESCO, NuMotion, Physicians for Women's Health and ALARM New England. WinBrook Business Park was built in 2007-2008 and consists of three flex industrial buildings located directly on Brook Street across from the new Alterra apartment complex off Route 3 (Cromwell Avenue). The more than 167,000-square-foot park is currently more than 96% leased. Tenants include Paychex, Trane, Honeywell and Solar City.

Mulready, SVP at CBRE-New England, says, “The portfolio was well-positioned for sale by Winstanley, with a diverse, strong credit-tenant rent roll; enabling Albany Road Real Estate to acquire an institutional-quality group of assets to add to their growing Connecticut portfolio.”

In addition to the Inwood and WinBrook business parks, Albany Road's Connecticut holdings include 1690 New Britain Ave. in Farmington; the 155,000-square-foot, two-building Meriden Executive Park in Meriden; the Branford Business Center, a six-building flex R&D/industrial portfolio that the firm purchased in 2014 for $14.3 million; and five self-storage facilities.

With the sale, Winstanley's portfolio in the Nutmeg State now includes the Elmwood Plaza and Norwichtown Commons retail centers; 127 Park Ave., a 157,000-square-foot high-bay warehouse/distribution facility in East Hartford; and the Great Pond mixed-use development in Windsor.